June 12, 2017 (Toronto, Ontario) – A Hearing Panel of the Pacific Regional Council of the Mutual Fund Dealers Association of Canada (“MFDA”) has issued its Reasons for Decision (“Reasons for Decision”) in connection with a settlement hearing held in Vancouver, British Columbia on May 17, 2017 in the matter of Yangyi Xie (“Respondent”).
In its Reasons for Decision dated June 12, 2017, the Hearing Panel confirmed the sanctions imposed on the Respondent. In particular, the Respondent:
- has been prohibited for a period of 18 months from conducting securities related business in any capacity while in the employ of or associated with any Member of the MFDA, commencing from the date of the Order;
- shall pay a fine in the amount of $5,500;
- payable in 9 monthly installments of $611.11, beginning June 30, 2017;
- has paid costs in the amount of $2,500; and
- shall in the future comply with MFDA Rule 2.1.1.
A copy of the Reasons for Decision is available on the MFDA website at www.mfda.ca. During the period described in the Reasons for Decision, the Respondent carried on business in the Coquitlam, British Columbia area.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its Members and their approximately 83,000 Approved Persons with a mandate to protect investors and the public interest. For more information about the MFDA’s complaint and enforcement processes, as well as links to ‘Check an Advisor’ and other Investor Tools, visit the For Investors page on the MFDA website.
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